Key M&A Deals
? In July 2017, JenCap Holdings agreed to acquire privately held Special Risks Facilities Inc., an MGA in Sterling Heights, Michigan as part of a roll-up to gain access to specialties.
? Also, in July 2017 Nexus Underwriting Management Ltd. acquired the MGA business of ZonRe, the third acquisition for Nexus as it positions itself as a multi-product and multi-geographic insurance company.
? In November 2017, Goji raised $15 million from HSCM Bermuda. This funding will allow the country’s leading independent online personal lines insurance agency to benefit from HSCM’s knowledge and robust access to the insurance and reinsurance markets.
Investments in InsurTech companies have increased significantly over the last 18 months, with the majority of interest coming from insurers and reinsurers. It’s apparent the insurance industry recognizes the necessity for change and the increasing relevance of new technologies.